News Corporation and the Italian investment company Exor are in contact with a range of other potential investors to join their embryonic joint bid to take control of Formula One.

Rupert Murdoch's media group is understood to be planning talks with a range of investors, which could include sovereign wealth funds and car manufacturers, but the two companies plan to remain the lead investors in any consortium.

By involving other partners, News Corp and Exor are looking to assuage regulatory concerns and build a consensus around their plans for the sport beyond 2012. They also plan to talk to other key stakeholders including the governing body, the FIA.

CVC, the venture capital company that bought Formula One in a debt-funded deal that valued it at $1.71bn [£0.75bn at the time] in 2005, has confirmed a "very preliminary" approach from Exor and News Corporation. It said Formula One was "not currently for sale" but did not rule out a deal in future.

The Concorde Agreement that governs the relationship between the Formula One teams, the company that controls its commercial rights and the FIA is due to expire at the end of 2012. Any new agreement could coincide, some observers believe, with CVC's likely exit strategy.

"CVC recognises the quality of Exor and News Corporation as potential investors, but any investment in Formula One will require CVC's agreement and will need to demonstrate that it is in the interest of the sport and its stakeholders, taken as a whole," CVC said.

Murdoch's son, James, will move to the US in the summer to run News Corporation's international businesses from New York and is believed to have led the Formula One move and retains strong links in Asia and the Middle East from his days running the company's Star TV business.

Investment in Formula One, a global sport, would appeal to some of the Middle Eastern sovereign wealth funds continually looking for new ways to expand their portfolios.

Exor, the Italian investment firm that owns 30% of Fiat and so is intimately linked to Ferrari, is believed to have taken the initiative in making public its intention to put together the consortium.

It has been reported that the current Concorde Agreement forbids Formula One being shown on pay TV, but that is understood not to be the case.

There is a belief among the many involved in the sport that the changing media landscape will lead to a much more multilayered approach to its broadcast contracts, with free-to-air coverage coexisting with more in-depth pay-to-view offerings delivered over the internet and via satellite and cable.

The BBC's existing £200m deal runs until 2014, but it is believed that it is one of the sports properties that could be under threat as a result of the corporation's need to make savings of 20%. News Corp believes European competition issues would not preclude a deal.

Bernie Ecclestone, who runs Formula One on behalf of CVC and retains minority stakes for himself and his family, has attempted to pour cold water on the speculation. "Personally, I know CVC don't want to sell, so it's going to be a bit difficult," he said. "I can see CVC in for the long haul, absolutely, 100%.

"If somebody came along and offered them a lot more money than it's worth, they [CVC] would obviously say: 'Sit down, let's have a chat.' But I get the distinct feeling that's not going to happen.

"I can't understand why a company as big as News Corp need to keep looking for partners. First it was Carlos Slim, and now we've a new one."